Life Insurance Comparison Review

  • 4 min read

Life insurance brings peace of mind in knowing that your loved ones will be taken care of, financially, when you die. Sure, it’s a tad morbid to think and prepare for your death; however, it’s also a key part of ensuring that family and friends are still supported, should the worst-case scenario occur. There are a lot of factors to consider when shopping for a life insurance policy.

A low premium is important. A website that will save you both money and time is Rates.ca. After you fill out a quick online application, the site will provide instant pricing quotes from multiple life insurance companies. The form is easy to fill out, and it saves you a ton of time researching on your own. No need to survey friends and family for opinions, only to look on several websites, and then make calls. It’s a one-stop-shop that does all the tedious work for you! Plus, Life Insurance by Rates.ca collaborates with many insurance companies, including BMO, RBC, and Foresters Financial. This website offers a 100% free service for quotes, and there are no hidden fees for customers and no required commitments.

The application takes about five minutes to fill out. Once you submit it, you’ll get quotes within seconds. Plus, a Rates.ca representative will follow up within moments after you’ve filled out the form! 

Want to get started? The first step is logging on to Rates.ca, and then heading to the “Life Insurance” option in the menu. Once you get to the next page, choose the province you reside in and then hit the “Let’s Get Started” button to begin!

This online application is a one-pager. You’ll need to fill out your postal code first, and then the rest of the questions consider some thought. One asks whether or not you want your life insurance to be a single or joint policy. Some couples sign on for joint life insurance for many reasons. If you do have a spouse or partner, it’s important to discuss the pros and cons of applying for single versus joint life insurance.

The next question is the amount of life insurance you are applying for. This ranges from $50,000 to $2M. Once again, the answer to this question requires some reflection, and circumstances vary around the amount of life insurance you may need or want. Do you have dependents? Are they young? Will they need money for schooling after you are gone? Do you have a home that still has a mortgage on it? You also have to consider the time off loved ones will have from work during the grieving process in the event of your passing. At the end of the day, you want the ones closest to you set up financially for the income lost after your death. 

Additional questions on the application include your age (i.e. birthdate), your gender, whether you smoke (and tobacco use), as well as an email address. Lastly, you’ll need to decide your term coverage. Term options are from 10 to 100 years. This question will affect the price of your life insurance premium.

There’s also a checkbox at the bottom of this form where you can click to get emails or newsletters from Rates.ca and member companies. Everyone who opts for this is placed within a draw for a chance to win a $500 Amazon gift card.

You have two choices before moving forward. The first is clicking on the “Get Quotes” button, while the other is “Schedule a Callback”. 

When you choose “Get Quotes”, approximately seven to 10 quotes will pop up, listed from lowest to highest price. You can move forward with any of these companies by clicking on the black button labeled “Get This Quote” on the right-hand side of each listing. There’s also a function where you can compare up to three quotes within the list. Premiums aren’t the only factors that you should compare: is the policy renewable, is a premedical exam required, what are the coverage conditions, and more, are some questions to consider. 

Meanwhile, “Schedule a Callback” opens up a new tab with an online form where you can leave your contact information and schedule a specific time for an online agent to reach out and collect more information for a quote. You may have questions that affect your answers within the online form that you’d like to discuss before moving forward. 

For more information, or to receive a fast and easy life insurance quote, visit Life Insurance by Rates.ca.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.